Sinn Féin - On Your Side

Sinn Féin National Chairperson and MEP for Dublin Mary Lou McDonald has
called on the Taoiseach Bertie Ahern to ensure that the maximum loan
available from local authorities under the shared ownership scheme is
increased to reflect the changes in the housing market. Ms. McDonald
was commenting today on the findings of a Sinn Féin survey that shows the
shared ownership scheme is almost obsolete because the loans offered by
local authorities have not increased in line with the increase in house
prices.

Ms. McDonald said, "The Government claims the shared ownership scheme as one
of the successes of its so-called housing policy. However, a survey
carried out by Sinn Féin activists last week shows that the shared
ownership scheme has been overtaken by rising house prices to the point
where it is now next to impossible to find a property in the greater
Dublin area within the limits of the scheme. An official in one local
authority, Dún Laoghaire/Rathdown, actually told us that the shared
ownership scheme is 'almost obsolete' as the maximum loan they will give is
€300,000 and, in her words 'you won't be able to find a property for that
money.'

"The financial limit on the price of a house that can be purchases under
the scheme ranges from €210,000 to €300,000 across the four local
authorities in Dublin. Twenty-four estate agents throughout each
constituency in Dublin were contacted by Sinn Féin and just twelve
properties were found that could be purchased under the within these
limits. Eleven of them were within Dublin City Council. No suitable
accommodation was found in Fingal or South Dublin and just one was found in
Dún Laoghaire/Rathdown.

"Of the eleven properties found in Dublin City Council, three were
so-called apartments that are little more than single rooms. Seven of the
properties were one bed apartments ranging in price from €195,000 to
€260,000 and we found one two bedroom house for €259,000. A one bed
apartment was found within Dún Laoghaire/Rathdown for €290,000. Just
one of these properties would be suitable for a young couple starting a
family. There are thousands on the social housing waiting list in
Dublin and hundreds have applied for the shared ownership scheme.

"The shared ownership scheme, in theory, is a good idea. It gives
people from low income backgrounds an opportunity to get on the property
ladder at a time when house prices are soaring through the roof.
However, it is clear from this survey that, in practice, it is not
working. I am calling on the Taoiseach to, at the very least, ensure
that local authorities increase their maximum loans available under the
shared ownership scheme to reflect the reality in the housing market. It
is no use bragging about a good idea if you are not going to put it to good
practice." ENDS